Eurozone inflation jumps to 5.8% in February on energy prices

MADRID (ICIS)–The eurozone inflation rate rose in February to 5.8%, up from 5.1% in January, on the back of persistent high energy prices, statistical office Eurostat said on Wednesday.

The sharp rise came from soaring energy prices, Eurostat said.

Energy prices are likely to increase further in coming weeks after Russia’s invasion of Ukraine started on 24 February.

Russian crude and natural gas flows into the eurozone are key for the eurozone’s energy supplies.

Earlier on Wednesday, crude oil prices rose over the $110/bbl mark as the Ukraine war entered its seventh day.

Among the four major economies within the 19-country currency area, Italy and Spain’s rate of inflation stood above the eurozone average.

Inflation (% annual change)	February 2022	January 2022	December 2021	November 2021	October 2021
Eurozone	5.8	5.1	5.0	4.9	4.1
Germany	5.5	5.1	5.7	6.0	4.6
France	4.1	3.3	3.4	3.4	3.2
Italy	6.2	5.1	4.2	3.9	3.2
Spain	7.5	6.2	6.6	5.5	5.4

Inflation in the eurozone has risen sharply in the past 12 months; in February 2021, the rate of inflation across the currency union stood at 0.9%.